Summary: Scotiabank Inverlat, S.A. Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services' ratings on Scotiabank Inverlat S.A. (Scotiabank) reflect its "adequate" business position, "strong" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. We view Scotiabank as strategically important of its parent, but we do incorporate any notches of support in this regard at this time. The Mexican sovereign foreign currency credit ratings (BBB/Stable/A-3) limit the issuer credit ratings on Scotiabank. Our bank criteria use our Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank operating only in Mexico is 'bbb'. In our view, the main risk for the banks operating in...

Companies mentioned in this report are: Scotiabank Inverlat, S.A.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Scotiabank Inverlat, S.A.

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